CEO Mary Wittenberg says taking care of runners is her top priority.
According to a report in the Wall Street Journal, the New York Road Runners, the organizing body of the New York City Marathon since 1970, has reached multi-million dollar insurance settlement.
The settlement is from the cancellation of this year’s race due to Hurricane Sandy.
Apparently, the Road Runners were seeking $15 million from their insurer, Lloyd’s, which is based in LondonNYRR CEO Mary Wittenberg flew to London last week to talk with insurance executives and returned with good news: a nearly finalized settlement. Officials from both the NYRR and Lloyd’s are not commenting as to how the money will be used.
However, Wittenberg has commented that taking care of the runners is her top priorty.
The marathon is a revenue giant for the NYRR, producing $20 million in revenue. Of that amount $15 million comes from race registration fees.
In November, officials called off the race just 48 hours before it was to take place, citing that it wasn’t fair to hold the marathon when residents in the city were suffering from the hurricane’s devastation.
For More: Wall Street Journal